The Economic and Financial Crimes Commission, EFCC, has traced the money missing from the sale of forfeited properties from Cecilia Ibru, a former Managing Director of Oceanic Bank, to the United Kingdom. Some money, believed to be $4.5 million, was said to have been missing after her Dubai properties were sold in 2010.
The properties were confiscated after a federal high court in Lagos convicted her of money laundering and sentenced her to 18 months imprisonment.
According to a report by The Nation, the agency has traced the sums of $112,000 and $209,000 to two accounts in Natwest Bank in the UK. The EFCC has since written to the National Crime Agency in the UK to help investigate the parties involved.
“The EFCC has located various sums of money wired from the proceeds into some accounts in Nigeria, the UK and Dubai, among others. We need the NCA to help track down the beneficiaries and probe their accounts,” the source was quoted to have said.
“Some of the proceeds were lodged in third party accounts. Our detectives uncovered the re-looting of the proceeds by some of those under investigation. Most of these inflows went to individuals and companies. The ongoing collaboration with NCA will no doubt help us in bringing some suspects to justice and facilitate the recovery of the missing $4.5million proceeds.
“Six of the properties were sold for N315million but only N100million was paid to AMCON. Detectives are looking at what informed payment to AMCON in Naira when the assets were bought in dollars. Also, the whereabouts of N215million balance is unknown to date. This is why we are investigating all the desk officers in AMCON, companies and the counsel connected with the sale of these 61 assets.”
The source added that four properties involved in the confiscated assets are yet to be retrieved. It said the developers of the properties have insisted that Ibru and other owners must sign the power of attorney before they can be released to the Federal Government.